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Portland Real Estate Update By Rob Levy

Portland Real Estate Update January '19

Well, the final numbers are in for 2018 and the Portland area fared quite well, despite a year end slowdown that was much bigger than normal.  For the year ending December 31st, 2018, the average sales price of all Metro Portland area homes ended up 5.5% over 2017 with the average sales price being $452,400 (compared to $428,700 at the end of 2017).  By the same comparison, the median sales price rose 5.3% from $379,900 to $400,000 even.  This was as closed sales decreased by 5.9% to 29,771 closed home sales.

Obviously the local areas all fared differently, for instance Lake Oswego's average sales price is now $676,200 with Bethany (North of 26) coming in at $532,900.  SW Portland ended up at $612,700 and SE at $419,100 and NE at $469,300.

You can download the entire 7 page report (courtesy RMLS) by CLICKING HERE.

Our featured home of the month this month is a "wall home" in coveted Forest Hills, super close to 217 and 26 intersections, next to Cedar Hills.  This home is almost 3,000SF, has a master on the main floor, 4 bedrooms and an in-ground heated pool too!  You can see the home by CLICKING HERE

Caity, Munir and I want to thank you again for your support in 2019 and also wish you a wonderful 2019!

December Residential Highlights
The Portland metro area saw mixed numbers this December, but new listings made gains compared to December 2016. At 1,617, new listings showed a 13.8% increase compared to December 2016, despite a 33.1% decrease from last month in November 2017 (2,416). This was the strongest December for new listings in the Portland metro area since 2011, when 1,700 new listings were offered.
Pending sales (1,757) exactly matched the 1,757 offers accepted last year in December 2016 but showed a 25.9% cooling from the 2,371 offers that were accepted last month in November 2017.
Closed sales, at 2,350, ended with a 10.3% decrease from December 2016 (2,621) and fell 1.6% short of the 2,387 closings recorded last month in November 2017 as well.
Total market time in December ended at 55 days, with inventory decreasing slightly to 1.6 months.
Year to Date Summary
Activity in 2017 was a little cool compared to 2016. New listings (40,805) decreased 0.8%, closed sales (31,624) decreased 3.6%, and pending sales (31,330) decreased 5.7%.
Average and Median Sale Prices
Prices continued to rise in the Portland metro area in 2017. Comparing the entirety of 2017 to 2016, the average sale price rose 8.5% from $395,000 to $428,700. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.Information courtesy RMLS.

Last Chance To Help Us Choose a Charity To Donate To!


That's right, we are donating money to six local charites in your honor and are asking for for your help to choose your favorite charity.  Please click on the link above and let us know your personal favorite of the six to celebrate our 30 years in business. 

We will be donating in late January 2019 so this is your last chance to help choose!

The average Realtor has been in business for 10 years, so this means we have seen much more than most others and now as the market is slowing down some experience is more important than anything!

Thanks to ALL of you - our past sellers, buyers, freinds of the firm, team members, fellow agents, national Realtor freinds.  There is no way we could be here today celebrating 30 years in business without you!

Minority homeownership climbs across Portland metro but stalls within city limits

A recent news article in the Portland Oregonian newspaper shed some light on the changing demographics in Portland of the minorty communities.

This article talks about how some minority groups are now moving to the suburbs.  The homeownership rate among households led by people of color has surpassed the rate during the housing bubble-era high in the Portland metro area, new census data shows. It now sits at 51.3 percent. (That full recovery hasn’t been seen nationally, where homeownership rates still lag their bubble-era highs across the board.)

The article goes on to say that Hispanic or Latino households are fueling the local gains. No other major racial and ethnic group in the region has surpassed its bubble-era homeownership rate.  Minority groups — with the exception of Asian Americans, who have long had high homeownership rates — remain underrepresented in homeownership relative to their population in the metro area. A significant homeownership gap remains, with a 15 percentage point difference compared to the white homeownership rate of 66.3 percent.

You can read the entire article online by CLICKING HERE.